With sales outpacing listings in some parts of the Twin Cities metro, home buyers faced stiff competition and higher prices last month. During August there were just 6,922 new listings, just 0.3 percent fewer than last year at this time, according to a monthly report from the Minneapolis Area Association of Realtors. With a nearly 8 percent increase in sales, that left buyers with nearly 14 percent fewer options.
Given the competition, sellers were clearly in the driver's seat last month. Sellers got nearly their full asking price, houses sold in near-record time and many houses fetched multiple offers.
Check back later for a full report on the state of the housing market - and the woes of home buyers - in the Twin Cities at www.startribune.com. Meanwhile, here's a summary of what happened during the month:
- Closings: 5,811, up 7.8%
- Pending sales: 5,347, up 12.2%
- Median sale price: $224,900, up 2.7%
- New listings: 6,922, down 0.3%
- Total inventory: 16,396, down 13.6%
- Average time on the market: 64 days, down 5.9%